Constellation Completes Acquisition of Approximately 340 C&I Gas Customers in Colorado and Kansas
December 3, 2019
BALTIMORE — Constellation, a subsidiary of Exelon Corporation (Nasdaq: EXC), has completed its acquisition of approximately 340 C&I gas customers from nTherm, a retail natural gas and electricity supplier, based in Denver, Colo.
The purchase provides an opportunity to grow Constellation’s gas business by entering into a new market in Colorado and offers a base for future C&I gas growth in Western states. The agreement strengthens the company’s position as the nation’s largest competitive energy supplier, with about 2 million residential and commercial and industrial customers across the continental United States.
nTherm will continue to serve its other gas and electricity customers that are primarily on the East Coast.
“By moving into thriving new markets such as the Denver, Colo. area, we’re taking another important step to grow our retail business in strategically attractive locations,” said Mark Huston, president of Constellation Retail. “Leveraging our significant retail platform allows us to operate more efficiently and provide better products, services and clean energy solutions to all our customers.”
This deal consists of commercial and industrial gas customers only. Customers acquired by Constellation will see the Constellation brand on their bills once enrolled by the company. C&I customer contracts assumed by Constellation will experience no disruption to service as a result of the transaction and the terms of all acquired customer contracts will be honored.
Vin Deshpande and Fernando Alvarez of Drexel Hamilton LLC, a service-disabled, veteran-owned investment bank, served as financial advisors to nTherm.
Constellation is a leading competitive retail supplier of power, natural gas and clean energy solutions for homes and businesses across the continental United States. Constellation's family of retail businesses serves approximately 2 million residential, public sector and business customers, including three-fourths of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation (Nasdaq: EXC), the nation's leading competitive energy provider, with 2020 revenues of approximately $33 billion, and more than 30,000 megawatts of owned capacity comprising one of the nation's cleanest and lowest-cost power generation fleets. Learn more at www.constellation.com or on Twitter at @ConstellationEG.